In this episode of the Industries in Motion podcast we are joined by members of our Global Banks team, with Gerard Cassidy and Jon Arfstrom from the US, Anke Reingen and Benjamin Toms from the UK, and Darko Mihelic from Canada, to discuss the key themes and risks they feel will be most relevant to their regions in 2024. On the back of an eventful year for US banking, Gerard and Jon have a broadly bullish tilt, supported by their view that the terminal rate for Federal Funds will be reached and that the U.S. economy will experience a soft landing. In the EU, Anke does not expect that higher interest rates will be the tailwind that we saw in 2023, with valuations and returns more likely to be in focus. In the UK, while slower UK growth is a risk, Ben believes the macro-economic environment will be supportive for higher UK bank valuations in 2024 (although not to the same extent as in the EU).